Segment Information (Tables)

6 Months Ended

Oct. 31, 2017

Assets by business segment are presented in the following table as of October 31, 2017 and April 30, 2017 (in thousands):

	As of October 31, 2017						As of April 30, 2017
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	411,922	$	404,341	$	816,263	$	393,341	$	394,695	$	788,036
Property, plant, and equipment, net		130,074		13,700		143,774		135,985		13,700		149,685
Intangibles, net		5,020		118,399		123,419		2,792		138,525		141,317
Goodwill		18,389		172,709		191,098		13,770		155,247		169,017

Schedule of Results by Business Segment

Results by business segment are presented in the following tables for the three months ended October 31, 2017 and 2016 (in thousands):

	For the Three Months Ended October 31, 2017 (a)
	Firearms		Outdoor Products & Accessories		Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	100,305	$	48,122	$	—		$	—		$	148,427
Intersegment revenue		1,112		2,670		—			(3,782	)		—
Total net sales		101,417		50,792		—			(3,782	)		148,427
Cost of sales		72,164		28,383		—			(2,919	)		97,628
Gross margin		29,253		22,409		—			(863	)		50,799
Operating income/(loss)		2,264		2,584		(10,744	)		13,885			7,989
Income tax expense/(benefit)		3,666		1,069		(2,946	)		—			1,789

	For the Three Months Ended October 31, 2016 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	194,475	$	39,053			$	—		$	—		$	233,528
Intersegment revenue		932		3,301				—			(4,233	)		—
Total net sales		195,407		42,354				—			(4,233	)		233,528
Cost of sales		113,981		25,163		(b)		—			(3,221	)		135,923
Gross margin		81,426		17,191				—			(1,012	)		97,605
Operating income/(loss)		52,255		(391	)			(11,858	)		12,145			52,151
Income tax expense/(benefit)		20,797		673				(4,007	)		—			17,463

Results by business segment are presented in the following tables for the six months ended October 31, 2017 and 2016 (in thousands):

	For the Six Months Ended October 31, 2017 (a)
	Firearms		Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	198,662	$	78,786		$	—		$	—		$	277,448
Intersegment revenue		2,193		4,541			—			(6,734	)		—
Total net sales		200,855		83,327			—			(6,734	)		277,448
Cost of sales		144,922		46,815			—			(5,720	)		186,017
Gross margin		55,933		36,512			—			(1,014	)		91,431
Operating income/(loss)		2,932		(2,309	)		(22,513	)		26,679			4,789
Income tax expense/(benefit)		6,063		(567	)		(5,833	)		—			(337	)

	For the Six Months Ended October 31, 2016 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	386,875	$	53,604			$	—		$	—		$	440,479
Intersegment revenue		1,726		3,363				—			(5,089	)		—
Total net sales		388,601		56,967				—			(5,089	)		440,479
Cost of sales		226,351		33,037		(b)		—			(4,083	)		255,305
Gross margin		162,250		23,930				—			(1,006	)		185,174
Operating income/(loss)		106,672		(3,275	)			(22,781	)		24,060			104,676
Income tax expense/(benefit)		40,763		(384	)			(7,627	)		—			32,752

(a)

We allocate all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments.

(b)

Amount includes $3.8 million of additional cost of goods sold from the fair value step-up in inventory and backlog expense related to the acquisition of Crimson Trace Corporation.